In less than 20 minutes a week, we'll introduce you to an expert or business owner with deep experience in what they do. Grow you, grow your team, grow a small business.

In this episode of Grow a Small Business, host Michael Denehey interviews financial expert Greg Crabtree from Carr, Riggs & Ingram (CRI) shares the principles behind his company, Simple Numbers, which successfully generated $20M in revenue with a lean team of 30 members. Greg discusses key metrics for small business success, including the importance of maintaining two months of cash flow and the Total Labor Efficiency Ratio (LER). He offers actionable insights for optimizing profitability and managing capital effectively.

Key Takeaways for Small Business Owners:

Simplify Financial Reporting: Use Simple Numbers to present financial data clearly and make it actionable, moving beyond traditional accounting practices.

Focus on Gross Margin: Prioritize gross margin over revenue to accurately assess business health and profitability. Revenue alone can be misleading.

Implement the Total Labor Efficiency Ratio (LER): Aim for $2 of gross margin for every $1 of labor to ensure efficient use of resources and boost profitability.

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Maintain Two Months of Cash Flow: Having two months of operating expenses in cash and zero line of credit debt is crucial for financial stability and effective decision-making.

Avoid Overcapitalization: More than two months of cash can lead to complacency. Properly manage excess capital to avoid underperforming investments.

Use Rolling 12-Month Data: Analyze financial metrics over a rolling 12-month period rather than monthly to get a more accurate picture of business performance.

One action small business owners can take:

One actionable step small business owners can take is to calculate their Total Labor Efficiency Ratio (LER). Aim to achieve at least $2 of gross margin for every $1 spent on labor. This metric will help you gauge labor efficiency and ensure that your business is operating profitably.

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Quotable quotes from our special Grow A Small Business podcast guest:

Revenue is vanity; gross margin is reality – Greg Crabtree

The most important number on the P&L is the contribution margin, not profit – Greg Crabtree

Simplify your financial data to make it actionable and insightful for better decision-making – Greg Crabtree

In this episode of Grow a Small Business, host Troy Trewin sits down with Nikki Chamberlain, Founder of Outsourced HQ, shares how she reached $600K in revenue and scaled to 23 team members. She delves into her strategies for building a dynamic company culture, the significance of strategic mentoring, and approaches to sustainable growth. Tune in for actionable insights and key strategies for driving business success.

Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let’s get into it by clicking here.

Troy delves into our guest's startup journey, their perception of success, industry reconsideration, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice.

And a snapshot of the final five Grow A Small Business Questions:

1. What do you think is the hardest thing in growing a small business?
   
   Nikki Chamberlain believes that the hardest thing in growing a small business is moving out of a reactive mindset. It involves delegating tasks effectively and trusting others to handle responsibilities, even if they might not execute them with the same precision or capacity as the business owner. This shift from managing every detail to empowering a team is crucial for sustainable growth.
   
   

2. What's your favourite business book that has helped you the most?
   
   Nikki Chamberlain's favorite business book that has helped her the most is "The Diary of a CEO" by Steven Bartlett. She found it particularly insightful for its practical advice on business and personal development.
   
   

3. Are there any great podcasts or online learning resources you'd recommend to help grow a small business?
   
   Nikki Chamberlain recommends the "Build" podcast by Layla Hall-Moses, which focuses on building effective teams and fostering a strong company culture. For online learning, she suggests exploring resources that emphasize team dynamics and professional development.
   
   

4. What tool or resource would you recommend to grow a small business?
   
   Nikki Chamberlain recommends using a CRM tool like Dubsado. It helps automate up to 80% of daily paperwork, including client onboarding, forms, contracts, and communications, streamlining operations and maintaining long-term client relationships.

5. What advice would you give yourself on day one of starting out in business?
   
   Nikki Chamberlain would advise her day-one self to ask for help sooner and to avoid being too proud. She emphasizes the importance of reaching out for support and guidance early on, rather than trying to handle everything alone, even if it feels daunting.

Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights!

Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.

Quotable quotes from our special Grow A Small Business podcast guest:

Don’t let pride keep you from seeking the help you need to succeed – Nikki Chamberlain

Effective mentoring is a cornerstone of sustainable business growth – Nikki Chamberlain

The cost of replacing great staff far exceeds the investment in their happiness and growth –Nikki Chamberlain

In this episode of Grow a Small Business, host Troy Trewin interviews Mark Hubbard, the successful founder of Blizzard Brewery. Hubbard shares his journey of growing the brewery from its inception to a successful exit, discussing the challenges he overcame and the strategies that drove his success. He emphasises the importance of strategic planning, effective communication, and achieving work-life balance. Hubbard’s insights offer valuable lessons for entrepreneurs aiming for long-term business success.

Why would you wait any longer to start living the lifestyle you signed up for? Balance your health, wealth, relationships and business growth. And focus your time and energy and make the most of this year. Let’s get into it by clicking here.

Troy delves into our guest's startup journey, their perception of success, being a learner again when moving into a new industry, and the pivotal stress point during business expansion. They discuss the joys of small business growth, vital entrepreneurial habits, and strategies for team building, encompassing wins, blunders, and invaluable advice.

And a snapshot of the final five Grow A Small Business Questions:

1. What do you think is the hardest thing in growing a small business?
   
   According to Mark Hubbard, the hardest thing in growing a small business is sustaining growth. He points out that while growth is rewarding and necessary for business success, it requires continuous innovation and idea generation. Keeping up with growth can feel like a relentless treadmill, where you must consistently find ways to achieve and sustain progress.
   
   

2. What's your favourite business book that has helped you the most?
   
   Mark Hubbard's favorite business book that has helped him the most is The First 90 Days: Proven Strategies for Getting Up to Speed Faster and Smarter by Michael Watkins. He found it particularly useful for establishing discipline and meeting deadlines when opening his business.
   
   

3. Are there any great podcasts or online learning resources you'd recommend to help grow a small business?
   
   Mark Hubbard suggests listening to industry-specific podcasts such as Brews News and those from Crafty Point Media. These podcasts help him stay plugged into the brewing community and feel part of the industry. For broader learning, he also finds value in online learning tools that keep business owners informed and engaged.
   
   

4. What tool or resource would you recommend to grow a small business?
   
   Mark Hubbard recommends using planning and forecasting as a key tool for growing a small business. He emphasizes the importance of creating realistic forecasts and plans that genuinely reflect what you can achieve. Accurate forecasting serves as a practical roadmap for business growth and helps avoid unrealistic expectations.
   
   

5. What advice would you give yourself on day one of starting out in business?
   
   Mark Hubbard advises that on day one of starting a business, you should focus on the concept of "how do you eat an elephant? One bite at a time." This means breaking down your grand vision into manageable steps and making steady progress toward your goals. Having a clear plan and taking it step by step will help you navigate the overwhelming aspects of starting and growing a business.

Book a 20-minute Growth Chat with Troy Trewin to see if you qualify for our upcoming course. Don't miss out on this opportunity to take your small business to new heights!

Enjoyed the podcast? Please leave a review on iTunes or your preferred platform. Your feedback helps more small business owners discover our podcast and embark on their business growth journey.

Quotable quotes from our special Grow A Small Business podcast guest:

Growth can be a master, rewarding yet demanding continuous innovation and ideas – Mark Hubbard

Balance is key; without it, you may find yourself held hostage by your own business – Mark Hubbard

Success in business starts with a clear vision and tackling it one step at a time – Mark Hubbard